NewKerala.com

Key Points

The Indian stock market opened lower but quickly turned green, with the Sensex gaining 160 points. Analysts noted that despite rising Middle East tensions, global markets remain stable. Auto, IT, and PSU bank sectors led the rally, while FIIs and DIIs continued buying. Experts suggest the Nifty faces resistance at 24,982 but remains supported above 24,450.

Key Points: Indian Stock Market Gains Amid Middle East Tensions and Sectoral Buying

  • Sensex up 160 points amid Middle East tensions
  • Auto, IT, and PSU bank sectors lead gains
  • FIIs and DIIs remain net buyers
  • Analysts see resistance at 24,982 for Nifty
2 min read

Indian stock market trades in green amid rising geopolitical tensions

Sensex and Nifty trade higher despite geopolitical tensions as auto, IT, and PSU bank sectors drive gains. Market experts weigh in on global impact.

"There is no panic in global equity markets, and it appears the conflict will end soon without impacting the global economy. – Dr. VK Vijayakumar, Geojit Investments"

Mumbai, June 18

The domestic benchmark indices opened lower on Wednesday amid rising geopolitical tensions, but turned green in the early trade as buying was seen in the auto, IT and PSU bank sectors.

At around 9.32 am, Sensex was trading 160.49 points or 0.20 per cent up at 81,743.79 while the Nifty added 57.40 point or 0.23 per cent at 24,910.80.

Nifty Bank was up 33 points or 0.06 per cent at 55,747.15 The Nifty Midcap 100 index was trading at 58,358.95 after dropping 20.35 points or 0.03 per cent. Nifty Smallcap 100 index was at 18,412.80 after declining 7.55 points or 0.04 per cent.

According to analysts, the market's hopes for de-escalation in in the Middle East war faded, as US President Donald Trump called for ‘Unconditional Surrender’ from Iran. Latest posts by Trump and the US defence movements in West Asia signal aggravation of the conflict, said market experts.

However, there is no panic in global equity markets and it appears that the markets’ assessment is that this conflict will end soon without impacting the global economy," added Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

In the Sensex pack, Power Grid, Kotak Mahindra Bank, Infosys, HDFC Bank, Axis Bank, NTPC and M&M were the top losers. Whereas, Indusind Bank, HCL Tech, Sun Pharma, Eternal and TCS were the top gainers.

"Nifty encountered resistance around the 61.8 per cent retracement level of the recent decline, and it has witnessed a correction from there. Yesterday’s high of 24,982 is the immediate resistance level on the way up. On the way down, 24,550–24,450 will be a critical support zone," said Vikram Kasat, Head-Advisory, PL Capital.

On the institutional front, foreign institutional investors (FIIs) were net buyers as they bought equities worth Rs 1,616.19 crore on June 17, while domestic institutional investors (DIIs) purchased equities worth Rs 7,796.57 crore.

In the Asian markets, Bangkok, Japan and Seoul were trading in green. Whereas Jakarta, Hong Kong and China were trading in red.

In the last trading session, Dow Jones in the US closed at 42,215.80, down 299.29 points, or 0.70 per cent. The S&P 500 ended with a loss of 50.39 points, or 0.84 per cent, at 5,982.72 and the Nasdaq closed at 19,521.09, down 180.12 points, or 0.91 per cent.

- IANS

Share this article:

Reader Comments

Here are 6 diverse Indian perspective comments for the stock market article:
P
Priya K.
Good to see our markets showing resilience despite global tensions! 🇮🇳 The IT sector bounceback is particularly encouraging. Hope this upward trend continues through the week. Fingers crossed for my SIP investments 🤞
R
Rahul S.
Market experts always say "don't panic" but retail investors like us suffer the most during corrections. The 24,450 support level mentioned seems crucial - will be watching closely. Wish SEBI had more safeguards for small investors.
A
Ananya P.
Interesting how Asian markets are mixed while we're in green. Shows India's decoupling story might have some truth! But oil prices remain the elephant in the room - any spike will hurt our macros. #StayInvestedButCautious
V
Vikram J.
The FIIs buying is a positive signal, but domestic investors pumping in ₹7,796 crore shows real confidence in Indian economy! Make in India and production-linked incentives seem to be working. Pharma stocks looking attractive for long term.
S
Sanjay M.
Midcap and smallcap indices slightly down... typical volatility. Remember 2022 crash? Those who held quality stocks recovered fully. Moral: Don't check portfolio daily! 😅 Good time to accumulate fundamentally strong stocks at dips.
N
Neha T.
While markets are green today, we shouldn't ignore geopolitical risks. The US-Iran situation could escalate anytime. RBI should prepare contingency plans like dollar swap lines to protect our forex reserves if crude spikes.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50